Specifically, in the last trading session of August 18 on Nasdaq (USA), VFS shares of VinFast (a subsidiary of Vingroup ) stopped at 15.4 USD, down 23% compared to the previous session and down more than half compared to the "peak" level set on the first day of listing at 37 USD. This made VinFast's capitalization only about 35 billion USD and the assets of billionaire Pham Nhat Vuong (Chairman of Vingroup's Board of Directors) also decreased significantly.
VFS stock trading volume also decreased compared to previous sessions, reaching only about 2.9 million shares, much lower than the average of 4 sessions since listing at 3.7 million shares/session.
VinFast 's VFS stock price fell sharply when closing the first week after listing
As reported by Nguoi Lao Dong Newspaper, on the evening of August 15 (Vietnam time), VinFast was officially listed on the US stock exchange - Nasdaq Global Select Market after the bell-ringing ceremony was held.
The company has an initial market capitalization of more than 23 billion USD, operating under the legal entity VinFast Auto Ltd. with the trading code VFS.
With this deal, VinFast has become a publicly listed company of global stature, and is the Vietnamese brand with the largest capitalization value on the US stock exchange to date.
Regarding the opinion that the number of free float shares is not large enough, causing VFS's market price to not reflect its true value, representatives of some securities companies said that it would take time for small investors or other organizations to own more of these shares after listing. If about 20%-30% of the total number of VFS shares are free float, then the market valuation would be more accurate.
In another development, VinFast shares fell sharply on the day the Vietnamese stock market plunged, "evaporating" more than 55 points with a series of stocks hitting the floor. SHS Securities Company said that many intertwined information in the last session of the week, with the highlight being VinFast's trading on the Nasdaq, led to strong fluctuations in VIC (Vingroup) shares, in addition to information that China Evergrande Group filed for bankruptcy protection in the US... causing the VN-Index to suddenly drop sharply in the last sessions of the week.
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